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US government-sponsored Freddie Mac agreed last week to purchase billions of dollars of new conforming jumbo mortgages with original loan amounts of up to US$729,750 ($782,000) to boost the frozen jumbo mortgage market.
The announcement marks the first large-scale effort to jumpstart the market under the Economic Stimulus Act, which temporarily raises Freddie Mac’s conforming loan limit until December 2008.
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Freddie Mac’s purchases will give instant liquidity to the participating institutions – Wells Fargo, Chase, CitiMortgage and WaMu – and offer a stable jumbo rate to borrowers in high-cost markets.
Published: 21-04-08
